"Hopeless, but Not Serious"

U.S. markets end at record levels, as tensions mount between Ukraine and Russia. Why investors should keep their eyes on China and the Fed.

Can it really be less than four years since markets got all in a tizzy because of violent demonstrations in Athens? Pictures of protestors setting fires were enough to touch off selling that led to the infamous Flash Crash of May 6, 2010. That afternoon, the Dow Jones Industrial Average tumbled 1,000 points, only to recoup most of those losses nearly as quickly.

Since then, the markets have developed a sort of immunity to televised sights of mass demonstrations, even violent ones, after witnessing a seemingly unending...